Open Banking is being rolled out progressively across the banking industry. The “Big 4” Banks were first to be required to comply with the roll out of Open Banking to provide not only generic information about their products but since 1 July 2020 to also provide specific information about a particular customer’s information (“data”).
For non-major banks such as Australian Unity Bank, initially from 1 October 2020 you will only be able to find out generic information about certain products available from each bank. This will allow you to compare the products and services available across the banking industry in a simple and standardised way. Information specifically about your accounts and banking arrangement will not be available until a later stage.
Over the next 12 months or so, non-major banks such as Australian Unity Bank will be progressively required to provide specific information about its customers upon request by you, the customer. Banks such as Australian Unity Bank will also be able to obtain accreditation to enable it to receive information about a customer’s banking relationship from another bank at the request of a consumer interested in becoming an Australian Unity Bank customer.
Beyond having greater control of your banking data, Open Banking may change the way in which you compare and select services between organisations to better suit your situation.
The Consumer Data Right (CDR) is legislation that the Federal Government has introduced to provide individuals and businesses with the ability to leverage their data to obtain new and better services with improved access to and rights over the data that businesses hold about them.
Open Banking is part of the CDR regime which the government intends to apply progressively to other industries apart from banking, including energy and telecommunications.
Under Open Banking Consumer Data refers to certain information held by an organisation (such as a bank) that relates to a customer and is covered by the Consumer Data Right (CDR) legislation. It includes, but is not limited to, contact information, the types of product(s) held by the consumer, account details, transaction history and loan repayment history.
Open Banking has already started in Australia and is being rolled out progressively across the banking sector. At this stage, the major banks (ANZ, Westpac, NAB and CBA – and including BOQ and BankWest) have been required to share Consumer Data with major banks launching phase 1 in July 2020. Smaller and mutual banks will launch via a phased approach in accordance with the Australian Competition and Consumer Commission (ACCC). Eventually all banks will be part of the open banking scheme.
Open Banking is being rolled out progressively across the banking industry. At this stage, Australian Unity Bank as a non-major bank is required to offer consumers the ability to access only generic information about certain products i.e. Product Reference Data by 1 October 2020.
From October 1, anyone will be able to access generic product information known as "product reference data" on Australian Unity Debit cards, Transaction and Deposit accounts and Credit cards will be available to share with third-party accredited data recipients.
Whether you are an existing Australian Unity Bank customer or just making an enquiry about the products Australian Unity offers, from 1 October 2020 you will be able to access our specially dedicated product API portal to find out all about our credit and debit cards, deposit accounts and transaction accounts products (known as “Product Reference Data”). This is phase 1 of Open Banking for non-major banks with the following stages to be rolled out progressively.
It is anticipated non major banks such as Australian Unity Bank will need to share specific customer related information from March 2021 and obtain specific customer related information once accredited by the ACCC.
Australian Unity is committed to your data security. Open Banking uses a number of security measures and controls to transmit personal banking data securely using standardised Application Programming Interfaces (APIs). Once Open Banking is fully operational any request to access your personal data must be initiated by you, the customer via the Australian Unity website, Internet Banking platform or Mobile Application.
In addition, all authorised data recipients who are providing services by Open Banking must comply with privacy and security requirements and be accredited by the Australian Consumer and Competition Commission (ACCC).
Product reference data includes information such as the interest rates and fees charged by banks as well as the features and eligibility criteria for banking products. It is generic and not specific to particular customers.
For Developers interested in using the Product API please access more information https://open-banking.australianunity.com.au/cds-au/v1/banking/products
The Australian Government has launched the official Consumer Data Right website where you can find out everything about the Consumer Data Right and how it works and how it can assist you. The website includes a number of features: